How to Educate Your Team on Changes to FCA Regulation

A collective “sigh” emanates from the room.

Not an unusual response to additional compliance training. Traditionally seen as the “heavy” or “boring” topic to learn, compared to the likes of negotiation skills, compliance sessions have to work harder to engage the audience. At RB Compliance we like to turn the pre-conceived idea that compliance training is boring on it’s head, the first step to retaining compliance knowledge is to enjoy the session.

Educate Your Team on Changes to FCA Regulation

How do we achieve this?

We train using a range of game based scenarios, whether based around popular game shows or board games you will be aware of. Each game teaches a different topic with the learners needing to figure it out for themselves to be able to progress. This immersive style of learning requires full engagement in order to successfully progress onto the next topic.

But does it produce results?

One professional I worked with whole-heartedly disagreed with our approach, he felt the delivery method should reflect the seriousness of the topic. Needless to say his approach resulted in a group of disengaged learners who remembered little of what was taught. How do I know this? Throughout sessions we measure knowledge retention.

How do you measure success?

Success of training is measured by the retention of knowledge, there are two methods that can be used. The first is a summative assessment, which involves testing understanding after the training session, in other words, a traditional exam. Our favoured method, however, is formative assessments. Formative assessments are more frequent assessments, littered throughout a session and often using a range of assessment methods. Such methods can be peer questioning, group discussion, workbook activities, case-study answers, quiz’s, or, of course, an exam.

What are the advantages of formative assessments?

There are two distinct advantages, the first is the testing method. Often these assessments are closer to the real world situation the person will find themselves in and, of course, they can be designed in this way. Testing a real-world scenario gives you a much better understanding of how the learner will be able to apply their knowledge in their role. The second advantage comes when a learner fails to demonstrate understanding, because the session is not finished, the tutor has time to re-educate the learner and provide the information using a different learning style. Without a doubt, this increases retention significantly.

How can this be delivered?

Throughout this article you will have imagined a face to face training session, but don’t forget about e-learning! Often seen as the poorer sibling to training sessions, e-learning has been wrongly utalised. We need to apply the same principles to e-learning as we do to face to face: it must be fun, engaging and include formative assessments throughout. At RB Compliance we have teamed up with Lemonade, a training provider to create a game based training system which:

Provides an addictive, fun and immersive scenario that the player will want to keep coming back to

Provides modules which must be completed, there are hundreds of different module types to ensure that the learner never gets bored

The modules also ensure that a range of learning styles are covered, at each step the learner is assessed and, if they fail, they are given the training in a different scenario.